FINRA-Banned Broker Cites Kokesh In Return To DC Circ.

Law360 (February 27, 2020, 6:27 PM EST) -- A former broker asked the D.C. Circuit on Wednesday to reverse an order upholding his lifetime ban from the securities industry by the Financial Industry Regulatory Authority, calling the penalty punitive rather than remedial.

John M.E. Saad, a former Penn Mutual Life Insurance Co. broker-dealer, claims the U.S. Supreme Court's 2017 Kokesh decision held that a civil sanction "serving either retributive or deterrent purposes, is punishment," and that FINRA bars are meant to act as a deterrent.

The U.S. Securities and Exchange Commission upheld the FINRA bar last August, saying Kokesh concerned monetary sanctions and that the permanent ban is appropriately...

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